France's Hollande outlines sweeping new taxes for recovery

PARIS (AFP) - France's Socialist President Francois Hollande on Sunday pledged 30 billion euros (S$47.4 billion) in new taxes and savings to balance the budget and fund a turnaround in two years and rejected criticism of dragging his feet.

Mr Hollande, whose popularity ratings have taken a dive less than four months after he took office amid mounting discontent over the flagging economy and job cuts, also said a 75 per cent wealth tax on incomes over one million euros would not be diluted.

"The course is the recovery of France," he said in a television interview on the TF1 channel.

"I have to set the course and the rhythm" to combat "high joblessness, falling competitiveness and serious deficits," he said.